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investing, and ultimately that's what gets the economy going at a rate that we haven't yet enjoyed so far in this recovery. >> then, dan, are we feeling this way? you share the view that we are not -- we're not done with the fiscal cliff. we're not going to suddenly solve our fiscal problems. we certainly haven't been talking it up on the spending side. we've agreed -- we haven't agreed but there seems to be a movement toward the idea that some taxes will go up on the high end and the middle class won't see much of a tax increase. are we justified? >> i think the typical consumer is not like you and me and the other guests there. the typical consumer makes about $60,000 a year for their family. they're not getting tax dividends so they're not freaked up about those going up. they're concerned about their paychecks and paychecks have been more steady for the first time in several years, wages have gone up a little bit, and the biggest asset people own is a house. it's not just a volume of sales rising and construction but home values. and so with every passing week, a certain number of peo
's what gets the economy going at a rate that we haven't yet enjoyed so far in this recovery. >> so why? why then, dan, are we feeling this way? you share the view that we are not -- you're not done with the fiscal cliff. we're not going to suddenly solve our fiscal problems. we certainly haven't been talking enough on the spending side. there seems to be movement toward the idea that some people's taxes will go up at the high end. middle class won't see much of a tax increase. why the optimism? are we justified? >> well, i think the typical consumer is not like you and me and our other guests here. the typical median income is $60,000 a year for a family. they're not getting a lot of money from capital gains and dividends. they're not freaked out at the prospect of those going up. they're concerned about what is in their paycheck. paychecks are morsteady than they had been any time the last few years. wages are going up a little bit. the biggest asset that anybody owns is a house. we finally seem -- it's not just the value of sales rising and construction but home values. and so with e
that could very well damage the economy. but the air of compromise among some notable republicans is definitely grabbing attention. the republicans' comments quickly caught fire. >> i will violate the pledge, long story short, for the good of the country, only if democrats will do entitlement reform. >> a pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed and the economic situation is different. >> i'm not obligated on the pledge. i made tennesseans aware, i was just elected, that the only thing i'm monitoring is the oath that i take when i serve when i'm sworn in this january. >> reporter: gop lawmakers bluntly stating to alert the fiscal cliff, they're ready to break from grover norquist and the pledge he's got most republicans to sign to never raise taxes. norquist waste nod time hitting back on cnn's s"starting point" >> it doesn't pass the laugh test. if you want to go to your voters and say, i promised you this and i'm breaking that problem, you can have that conversation with them. but you don't have an argument with me. you've made a c
>>> tonight, battleground america. the looming fiscal cliff and the fight to save the economy. in his first interview since the big romney loss, i will ask reince priebus if his party is out of touch with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his part
. we'll invent it in america and then become a service-based economy. well, here we are, and these new service sector jobs aren't paying off, literally. right now a job in the leisure and hospitality sector averages $13 an hour. that's $27,000 a year, if you work full-time. retail, not much better. average hourly rate, about $16 an hour. this is the average. it takes into account everyone from the store manager to the stock boy. let me show you one tier higher, manufacturing. bringing in almost $24 an hour on average. that's a solid $50,000 a year. that's also the median income for u.s. households. education and health services, these are important jobs for society. workers there earn an average of $24.28 an hour and also around 50 grand a year. again, if you work fulltime. then there's the very top. those are highly educated, highly skilled and highly motivated. census data show the top 20% making six figures, pulling in almost half of the income in the u.s. for this american recovery to work we need to have a middle, a big, prosperous happy middle. don't you think? it has defined gen
's no connection between our scientific understanding of the age of the earth and the economy. >> let me direct you there. let me disript you there and read you that quote because this was another part of his answer to gk saying that's a dispute among theologans and it has to do with with the economic comment or the united states. i think the age of the universe has zero to do with hour our economy is going to grow. what do you make of this. >> the reason we have smartphones and televisions is we're able to talk on opposite sides of the content. the classic thing for me is smoke detectors. we understand the nuclear reactions. without that deep understanding we wouldn't have everything that you can touch and see in our viern. so this claim that has nothing to do with the economy is just wrong. i'm not going after anybody's religion. that's not it. just the earth is not six or 10,000 years old. that's not. and furthermore, we rely on this -- on these discoveries for our everyday life, especially here in the developed world. >> bill nye's opinion there. >>> one trucker is lucky to be alive. take a loo
on skills, giving a big boost to their economies. it's not as if america doesn't need these people. american companies are struggling to fill 3.6 million job opening, many of them in science-related fields. meanwhile foreign students receive half of their doctorates in foreign fields and most all will head home after graduation. new york city mayor michael bloomberg calls it the single biggest problem facing the economy and argues that our current approach is national suicide. the good news is we may finally be on the road to a solution. immigration reform has been a taboo topic for the last few years as large and vocal voices within the republican party with considerable public support have blocked any mention of reform. the words they've wanted to hear are border fence and deportation. that's why mitt romney activated a policy of self-deportation during the prisonal campaign. that's why he lost the spanish vote and asian vote to president obama by a landslide. president obama seems emboldened and the republicans chasened. so we have an opening for a deal. what should it look like? >> well,
. again, growth is rather important and it's what we ought to be rather than raising taxes. if the economy grew at 4% instead of 2% a year for one decade. the federal government would net $5 trillion. that would pay down all of the debt that obama's accumulated in the first four years. if we had grown at reagan rates of growth instead of obama rates of growth, 11 million americans would be at work today who are out of work. that's how you do it with the most regulations. >> what if we carried along the bush rate of growth of the eight years before bk? >> well, there were three periods of growth or low growth during the bush years. he enlded president bush handing president obama the greatest financial hospital past of most people's living memory. the idea that show the republican economic policies have been this wonder yus success story going back the last three decades is poppycock. >> taxes are not the only policy. when he cut marginal tax rates on gains and dividends from 2002, there was four years of strong economic growth from '03 to '07. what you had was fannie mae and freddie mac ma
, and they're not interested in raising taxes, they think it is a bad idea for the economy. the only way to have a stimulus to the private sector is to leave more money in the private sector. the other thing that folks in kentucky don't understand is that why is it a fiscal cliff to cut spending? most people in our state think we're spending too much money up here and we should cut spending. in fact, the majority of congress voted for this sequester. why was it a good idea a year ago and now it is not a good idea. >> on spending and spending cuts, you may have something in common with the president, which i want to get to. you mentioned the people in your great state of kentucky and, look, we know and we're all hoping they're out and about shopping, it is holiday season, and in terms of the timing with this -- with this deal, you know, hopefully getting done before january 1, a lot of people want to avoid the tax increase that will automatically happen as people are paying those holiday bills, right? >> here's my question. if it is bad to raise taxes on everyone, why is it good to raise
taxes which we think would be harmful to the economy. and if you look at how much revenue that raises, $68 billion next year, that funds a government for less than a week. and it does potential significant harm to the economy and raises taxes on the very people we are asking to go out and create jobs. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order.
cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser arafat was exhumed this morning from a mausoleum in the west bank. a team of international scienti
which means fewer jobs and that can drag our entire economy down. now, the good news is, there's a better option. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody's. and that means that 98% of americans and 97% of small businesses wouldn't see their income tacks go up by a single dime. 98% of americans, 97% of small businesses would not see their income tacks go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. so it's not like folks who make more than 250 aren't getting a tax break, too. they are getting a tax break on the first 250 just like everybody else. families and small businesses would, therefore, be able to enjoy some peace of mind heading into christmas and heading into the new year. and it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so w
a lot of money in aid, $3 billion a year from the united states and he has a very fragile economy. but i'd like to go back to president obama. and he is getting praise from critics even on the right who saw that his first administration, he himself said that in order to be able to influence israel, that the united states needed to create daylight with israel. well, now it appears that he has reversed that position and his position now is that the united states needs to back israel, and as he said over and over and over, israel has a right to defend itself. >> so israel has elections coming up in january. maria, how do you think this is all going to play out in that election? >> i think that this incident, again, like i said in my first answer to you, netanyahu comes out looking very, very strong. and in fact, his opponent, who was as i understand going to announce a run against netanyahu before all of this started, has now backed down, and now it might be too late for him to announce anything, for anyone to announce rung against netanyahu, and he certainly has been strengthened. he showe
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for the bailout money. it's a cold shower for anybody getting excited about the economy heating up a new economic report sends a dire warning about the world's economic health. predicts that europe's economy's going to shrink and the u.s. economy is about to take a sharp turn downward. richard quest from london, tell us about this group. is it a bunch of economists sitting around in an office, dealing with real numbers they're crunching? why the dire predixz. >> no, these are serious, severe people. the organization for economic cooperation and development oecd, the rich country's club. 34 developed countries, that is if your gdp per capita over $15,000. long way of saying, extremely respectable, extremely respected. what they are warning, and i've got the numbers in front of me, take the united states. it said they project the u.s. will grow this year to 2.2%, slow down next year to 2%, before picking up in 2014 to 2.8%. but so much so far, so good. the risk is all in the future. i'm going to read it now. according to the oecd the world economy risk, suzanne, is because of the fiscal cliff in th
's comment was look, tax increases slow economic growth. tax increases take resources out of the real economy and allow the government to grow and grow. that's always a bad idea. that's not a good idea some years and a bad idea others. leeches, doctors don't put leeches on people ever, it's wrong. don't do it. it doesn't make people stronger. raising taxes, taking money out of the economy, damages the economy, kills jobs, reduces opportunities. >> you know, the latest cnn polls that just came out this week say you're wrong. two or three americans, including a majority of republicans, say the fiscal cliff should be addressed with a mix, a mix of spending cuts, yes, but also tax increases and if there's no deal according to these polls, they're going to blame republicans more than they blame the president. all the best evidence right now suggests the public wants to see the republicans compromise on this tax question. so from a political standpoint, is it okay for lawmakers to ignore the pledge that they gave earlier? >> well, the challenge is that the pledge that they made and that every two y
are going farther. the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. we learned today that the president will be hitting the road campaign style to push his plan to raise taxes on income above a quarter million dollars a year. he'll be speaking friday at a factory in pennsylvania. the house speaker john boehner's office today announcing something similar. congressional republicans holding events in washington as well as back in their home districts to frame the president's tax plan as a threat to new hiring. but some republicans as you know are already hinting they're open to eliminating deductions even if it means breaking that pledge that the lobbyist grover norquist has been getting law makers to sign for years. joining us now to talk about it all, grover norquist, president of americans for tax reform. grover, thanks very much for coming in. >> good to be with you. >> the trend we're seeing now from members of congress questioning or pushing back on the pledge. we've seen it before to a certain degree, but we're see
economy and hurt job creation in our country. this is not good for our country. as simple as that and the president understands it. >> they're saying president needs to get in there, needs to negotiate with democrats into line if necessary. is that not happening. are you hearing congresswoman schwartz, from the president as all? >> let me say the administration is keenly interested in working with the senate and the house to get this done. the fact that the president is out and sulactually out in my district on friday morning talking to people what about is at stake for this country, for their families and the nation is something very important for him to be doing. always engaging the voters, the public is an important thing to do. and at the same time we should be and are having broad discussions about how we move forward. what we really need is we need republican leadership. just quoted them, mitch mcconnell and john boehner, to actually be sitting down and saying, look, there are places where we do agree. let's start where we agree. let's begin to have that discussion.
to the economy. that's what he did in the primary and that's what he said he was going to do from the beginning. he just executed a plan that didn't work. the very people criticizing him were the people supporting him saying he was going to win. >> we just talked to senator john cornyn, he said he's pessimistic that they will get a deal. >> my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should take them out of this discussion right now, and continue to fight against any rate increases and continue to work honestly for a better deal. >> that's what the president wants, extend them for everyone under $250,000. i'm curious what you think. do you think that someone like cornyn, someone like boehner is the right leader for the party, or someone more like what cole is saying? >> there is a strategy to putting together a deal and that goes for, in washington, d.c. or, you know, in your private life. and that is you don't give the other side everything they want and then negotiate the rest of the deal. that's sort of a problem. you have things that
for the overall health of the economy. but first, mass protests are erupting in egypt after a sudden power grab. in cairo's tahrir square, thousands are chanting for regime change. they say egypt's new president is acting like a dictator. president mohamed morsi granted himself sweeping new powers yesterday, basically morsi now has absolute power for six months. his opponents say he's acting like a new pharaoh. the u.s. state department is calling for calm and encouraging all parties to work together. morsi declared all his laws, all his decrees are final and cannot be overturned or appealed until egypt's new constitution is put in place. just days ago, people around the world were praising morsi for his pivotal role in negotiating the israel/hamas cease-fire. today, protesters set fire to a symbol of morsi's power, the muslim brotherhood headquarters in alexandria, egypt. morsi supporters clashed with protesters there. morsi is defending his new powers, saying he's not taking sides and the steps he took are meant to achieve political and social stability. reza sayah joins us live in cairo. rez
the other families who have left, you have to talk about the state of the economy. they are not able to find jobs that they used to, and also, it's becoming more and more dangerous to cross the border. not only because of the -- what happens at the border, but because the mexican border states are increasingly under the control of mexican drug cartels, so if you put all of that together, it's creating this situation where mexicans are returning to the united states in record numbers. as a matter of fact, a million mexicans return to mexico between 2005 and 2010. a rate that has want been seen since the 1960s. >> that family finally, do they a desire for their kids to go back when they turn 18, to go back to the united states? is that part of the plan? >> the main problem right now is trying to redefine their life in mexico. luckily, both parents have been able to find jobs. the kids are going to school, so that's not necessarily a case for some of the families who have returned, but the big question now is now what? do we just forget about the life we had, or do we somehow try to apply or ho
reflection on us all. now through january 2nd. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at our family's goals and some ways to help us get there. they helped me fix my economy, the one in my house. now they're managing my investments for me. and with fidelity, getting back on track was easier than i thought. call or come in today to take control of your personal economy. get one-on-one help from america's retirement leader. so i brought it to mike at meineke. we gave her car a free road handling check. i like free. free is good. my money. my choice. my meineke. >>> welcome back to cnn sunday morning. i'm randi kaye. here are some of the stories that we're watching right now. today is expected to be one of the busiest travel days of the year. pack some patience. nearly 2.5 million thanksgiving holiday travellers will be catching a flight back home. millions more will be on the road. triple-a projecting 43.6 million americans are traveling during this long holiday weekend. that is, three million more than last year. >>> in washi
serious damage to the economy. they also sounded warnings. >> we can and must get an agreement, otherwise, i think first of all the markets are going to start reacting. >> it's not a done deal and it's not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> reporter: staffers have been working behind the scenes to find common ground to prevent across the board cuts lawmakers say should concern everyone. >> you should be worried, we all ought to be worried whether we are dependent upon other aspects of the federal budget, whether we're worried about the the regulation of food safety, about our borders being secured, about the fbi being supported. >> reporter: democrats and the president want to raise tax rates for the wealthy. republicans don't. though more are now breaking with anti-tax crusader grover nor quist, who got a majority of republican lawmakers to pledge not to support any effort to raise taxes. >> i'm willing to generate revenue, it's fair to ask my party to put revenue on the table, i will not ra
that money is in the economy if you have those taxes rise on the middle class. it's really, john, the latest from the white house. it comes on the same day warren buffett writing in the "new york times" in an op-ed saying rich is $500,000 a year, and let's tax them. let's have a 30% minimum tax for the income above $1 million of rich people. look what he said here. the "forbes" 400, wealthiest individuals in america hit a new group record. $1.7 trillion, more than five times the $300 billion total in 1992. he says you know, my gang has done pretty well. so leave the middle class alone. and so these two kind of the 1-2 punch from the white house perspective, at least, today on what we should be doing in debt talks. >> buffett is interesting. he said he doesn't think it will be that big a deal if we go off the cliff. >> he says don't worry about raising taxes on investments and income from investments. he said, i will do a good deal, because it's a good deal. not because my taxes are going to be a certain rate. so he has pounded this -- beat this drum for some time. but this is the white house
. >> if the gel oal is to raise m revenue what's the best way to do that and protect the economy? if you're able to gain more revenue by closing special loopholes and limiting them and keeping the rate down, isn't that a better outcome? >> once again, talk of tax deductions and closing loopholes, but a big note. raising tax rates, so a lot of talk but perhaps not much real movement at least for now. as for grover norquist, he told cnn's soledad o'brien today that although some republicans are discussing impure thoughts on television, they won't really act on them. >> i've had long conversations with lindsey graham. he said i would raise taxes if and then he lists this incredible list of reforms and entitlements that the democrats would never give him. as i suggested to him, i said, senator, you're offering to trade a tax increase for a pink unicorn that doesn't exist. >> whether he does or doesn't bet on taxes, pundits in washington seem terribly impressed that senator graham and others are even talking about going against grover norquist. keeping them honest, though, outside the beltway, most p
to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ we've got to think long term. we've got to think long term. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> you've seen them on the red carpet, fashions by oscar dde de la renta, christian lacroix. now you can stay in rooms fashioned by those designers. we talked about couture vacations. >> three famous designers have gotten their hands on hotels around the world. let's begin with sara game in italy. >> in florence. the thing is, people love their designers and what better way to really embrace that designer by staying in a hotel they have put together with all their famous touches. so they are actually based in florence so w
combined. a whole different league, partly because of technologies, partly because the economy is doing so well. the reality, that is a very strong deterrent to the egyptians or to the turks to get involved. >> >>. >> fareed, what does this mean about iran? the power and involvement of iran? >> i think it shows their limits, bogged down with their ally syria. trying to do something about that. i doubt they were involved very much with this in the first place. they don't have much of a reach. this has always been the claim, through hezbollah and hamas, they had some special asymmetrical power. israel really dominates the region. if the israelis want to make peace -- palestinians want peace, they will make it on israeli terms right now. >> anne marie, do you agree with that? >> well, part. one thing i would note, one of the reasons that israel has such military predominance is also because of the tremendous support the obama administration has given israel on defense matters. have you heard ambassador oren refer to u.s. assistance on iron dome, and the obama administration has pointed out mu
because of technology, partly because the israeli economy is doing so well. that the reality is, that is a very strong deterrent to the egyptians or to the turks to get involved. >> well, fareed zakaria, what does this mean about iran, the power of iran in the region and the involvement of iran in the region? >> i think it shows the limits. the iranians are bogged down with their ally, syria, i doubt they were very much involved in this in the first place. but it shows you they don't have much of a reach. this has always been the claim that through hezbollah and hamas, that they had a sort of assymetrical power. if the palestinians want peace, they're going to have to make it on israeli terms, right now. >> and do you agree with that? >> well, in part, i mean, one thing i would note, one of the reasons israel has such military predominance is because of the support that president obama has given them on defense matters. you heard the ambassador, several times on the u.s. assistance on the iron dome. and the obama administration has pointed out multiple times that it has really g
of technology, partly because the israeli economy is doing so well. that the reality is, that is a very strong deterrent to the egyptians or to the turks to get involved. >> fareed, in your opinion, what does this mean about iran, about the power of iran in the region or involvement of iran in the region? >> i think it shows the limits. iranians are bogged down with their ally, syria. they're trying to do something about that. i doubt very much they were very involved in this in the first place. it shows you they don't have much of a reach. this has always been the claim that through hezbollah and hamas they had some special asymmetrical power. i think this reveals israel really dominates the region. if the israelis want to make peace with -- if the palestin n palestinians want peace they're going to have to make it on israeli terms right now. >> emory, do you agree with that? >> well, in part. i mean, one thing i would note, one of the reasons israel has such military predom innocence is also because of the tremendous support the obama administration has given israel on defense matters. you
see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. >>> black friday, drew bigger crowds this year than last. so if you thought it was busier, you were right. but shoppers were less willing to part with their hard-earned dollars. black friday foot traffic jumped 3.5% with more than 370 million store visits, according to the research firm shopper track. but sales fell nearly 2% to $11.2 billion. for some shoppers, it is more apt to call yesterday black and blue friday, clever. the pushing, the shoving, the tussling, the yelling became as much a part of the consumer event as the shopping. and here now, a glimpse at some of the black friday free-for-all. ♪ >> [ bleep ]! i will stab one of you [ bleep ]! ♪ >> i literally got squished. half of my body was in that door. that was insane. >> y
of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. [ male announcer ] a european-inspired suspension, but it's not from germany. ♪ a powerful, fuel-efficient engine, but it's not from japan. ♪ it's a car like no other... from a place like nother. introducing the all-w 2013hevrolet malibu, our greatest malibu ever. ♪ monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. >>> there are signs of the truce between israel and hamas is holding this weekend. palestinian sources say israel has eased restrictions on gazan fishermen, allowing them to go up to six miles from shore. the fishermen had been restricted from going more than about three miles into the mediterranean. also palestinian farmers have resumed tending their la
, the focus turns back to the u.s. economy now the fiscal cliff talks are looking more promising and the election is behind us. new reports this week on the housing market, manufacturing sector and consumer data. also the second estimate for third quarter gdp comes out on thursday. the broadest gauge of the health of the economy and economists think that number is going to show better growth than we saw, 2.8% down from 2.2% that they had thought earlier. the fiscal cliff being, you know, something that really helped the stock market last week. >> i would imagine. >> don't screw up. >> please, congress, don't mess this up. let's take a live look this morning at the capitol dome where congress is back to work this week. s fiscal cliff staring them in the face. 35 days, we go right over that cliff or right down that slide or whatever the metaphor is we're using today. politicians on both sides of the aisle are now signaling that they're willing to compromise. that includes republicans who've been softening their stance on raising taxes. senator dick durbin, democrat from illinois, w
. the organization for economic cooperation and development cut its forecast for the u.s. economy for this year and next year, and on fiscal cliff negotiations, the oecd said, quote, diseaecisive policy actis needed to ensure that stalemates over fiscal policy in the united states and continuing euro area instability do not plunge the world back into recession. plunge back into recession the whole world, a very bad, bad idea. >> a lot of menacing terms there. fiscal cliff a menacing term here. now we know we are just under 35 days away before we fall off that cliff. which could lead to deep spending cuts. want to bring in republican senator pat toomey from pennsylvania. he was a member of the deficit reduction super committee last year that failed to agree on a plan. but he's been talking about this issue for a long, long time. good morning, senator. >> good morning. >> we just learned that president obama will be traveling to your backyard on friday to talk about the fiscal cliff and spending, and traveling to pennsylvania right now. is this a welcome visit as far as you're earned? >> as far a
of the rings" films boosted the country's economy by $575 million u.s. dollars. they're hoping for that kind of impact again when you see thing s like gollum at the new zealand airport, welcoming visitors. if you fly new zealand instead of a typical safety video, here is what you'll see. >> on the broefing. make sure your belongings are hidden away under the seat before you or in the compartments ahead. >> all travelers must keep a watchful eye on the lighted signs and follow instructions. when the seat belt sign is on, sit yourself down and fasten your seat belt. >> be sure it's low across your hips. >> i would listen to that if they did it that way on american airlines. >> there is a video, carol, that people would actually pay attention to. look at this it's an air new zealand plane freshly painted with the characters from the hobbit that flew over the premiere much to the delight of the crowd. they've really taken ownership of this movie and gotten a little excited about it, like you, carol. >> like me. some people are critical of all the hype, right? >> it's become a bit of a political
be resolved and it puts the focus again back on what's happening in the u.s. economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like 2%, not great. we think that maybe they're going to think this quarter was more like 2.8%, which would show, again, that healing in the market overall. a quick focus for you on the housing market. this is something you probably felt most directly. in part because we have record low mortgage rates. last year the 30-year fixed fell to 3.31%. the 15-year fixed, this is the popular refinancing tool, 2.63%. many of you are telling me you can't qualify. i'm telling you, these rates are going to stay low for a long time so you
and the health of the u.s. economy. >> and all that trouble in washington started last year with the debt ceiling. remember that fight? the u.s. getting very close to hitting the debt ceiling again. what's the debt ceiling? the u.s. spends between $100 to $120 billion more than it takes in every month, so it has to boor remoney to pay its bills. it will take an act of congress to legally borrow more and rack up more debt. the debt ceiling is set at $16 trillion, 394 billion. last week it stood at $16,268,000,000,000. it could hit a high by february of next year. and now home prices, the recovery in much of the country, new home sales numbers today, we learned yesterday that home prices were up nationwide by 3.6% in the third quarter. that's the biggest rise nationwide in more than two years. but look, all real estate is local. we want to show you the cities with the strongest gains in the past year. home prices in phoenix gained more than 20%. minneapolis home prices rose 9%. there are only two big cities with homes losing value. new york and chicago. they slipped a little bit year over year. wha
. >>> and concerns of a lack luster economy sure aren't evident this weekend. shoppers screaming and turning out in big numbers to the stores on black friday, leading many analysts to believe post thanksgiving sales will surpass last year's numbers after all. perhaps. online sales are also up a whopping 21% on black friday. then there's power ball fever. and it's spreading across the country. the lottery jackpot is now $325 million. that's the fourth largest jackpot in the game's history. so if you're feeling optimistic, you have until 10:00 p.m. eastern tonight to buy that $2 ticket. >>> and overseas now to egypt, where opposition to president mohamed morsi is growing. for a third straight day, protesters hit the streets demanding he rescind a decree that gives him unlimited power. we get more now from cairo. >> reporter: outrage, clashes, and anguish in tahrir. thousands of angry egyptians back in a public square that has become the arab world's emblem for the democratic right to protest. this was where egyptians demanded the ouster of former president hosni mubarak last year. this time, the f
that this could have a crushing impact on the u.s. economy. what are they saying about this? >> well, that's the problem for policymakers. i do think both republicans and democrats they want a deal. leaders want a deal because this really could be an economic catastrophe. i mean, that's what something that ben bernanke warned repeatedly. put politics aside for a little bit and try to get a deal. but both sides want to get the best deal possible and you're in the going to see any deal anytime soon because we have until january 1st. >> so you're saying they're going to wait until the last second. >> last second, up to christmas, if not new year's. this week when congress comes back and into next week, you see jockeying for leverage. that's what's going to happen. no major deal is going to reach -- be reached much before christmas if there is a deal. >> no plan for bob cusack celebrating the new year. you'll be on the hill waiting for a deal. we'll continue the conference. i appreciate it. switching gears, just into us at cnn, new damage estimates from superstorm sandy. to alison kosik live f
on the economy. continuing to push off difficult policy choices will only prolong and intensify these uncertainties. >> he went on to say, if we do get a plan that solves the government budget issues without hurting the economic recovery, next year could be a good one. that is so many if it. >>> the investigation of the shooting at the sikh temple is concluded. the shooter, michael page, acted alone and did not happen. he had been linked to white supremacist groups, but the fbi found no evidence to conclude he had help or was acting under any directive from them. they also said the attack was not part of any ongoing threat to the sikh community. >>> defense secretary leon panetta talked about how the american fight against al qaeda is changing. he said that, yes, the united states has had a lot of success, but al qaeda has been adapting and trying to find new safe havens and to combat this, panetta says new campaigns will take place outside declared comb combat zones using a small footprint approach. he went on to say america will partner with foreign forces to learn how to comb
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that help the economy, and the deficit. raising the ceiling on the debt. my feeing is they probably can go past january 1 but not far past it. and still not fall off the cliff. around january 15th. >> so now if there are to be some real groundwork laid by congress as they return after the holiday weekend, what really needs to get done, if we look at over the next six weeks, even though you say we've got past january 1, what should they try to accomplish this week? >> well, i think they need to start to spell out spending cuts. i mean, the president has made clear what he wanted in the way of additional revenue and there are a couple of different ways of getting there. now the president has to talk about the spending cuts that he is willing to accept. he needs to give republicans cover to come on board. right now, the list of republicans that are willing to come on board is very short. and he's just not going to get there with that list. he needs to talk specifically about how he's going to deal with entitlements. >> and then what happens to the average american family? if we were to go ove
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